XRP price has erased some of the gains made in November as the cryptocurrency sell-off continued.
Ripple (XRP) fell to $2.14 on Monday, down 26% from its peak this month, meaning it is in a bear market.
XRP’s decline came as its social sentiment score and futures open interest continued to decline. According to CoinGlass, open futures positions fell to $1.89 billion on Monday, below the year-to-date high of over $4.29 billion.
Ripple’s daily volume has also fallen in recent weeks as its momentum waned. The 24-hour volume was over $10 billion, significantly lower than a few weeks ago.
Still, XRP price has some key fundamentals that could push it higher in the near term. The most important metric is that many large owners are not selling. According to Santiment, XRP has over 5.75 million holders, up from October’s low of 5.36 million. Likewise, the number of active addresses decreased slightly during this selloff.
XRP also has more catalysts ahead. Data from CoinMarketCap shows that the market cap of the Ripple USD stablecoin has risen to over $53 million a week after its launch. Nevertheless, CMC warns that its assets in the RLUSD stablecoin have not been verified.
Additionally, the chances that the Securities and Exchange Commission will approve a spot XRP ETF in 2025 are increasing. Donald Trump has promised to be a more crypto-friendly president and has already started forming members of the Crypto Council. A spot ETF would likely create more hype around the coin…
